Appraisal USPAP 3 Flashcards
Standard 2 -3
Two appraisers both sign the certification
Who inspect the property and who did not
Standard 1-6
Reconciliation
Two part of process
- Quantity and Quality of the data
- Applicability and sustainability analysis
Hypothetical Condition
Example 1 - Proposed construction
Proposed construction is not yet built (but analyze as it’s already built)
Standard 1-2
Hypothetical Condition
Can only be used:
- Purpose of legal requirement, comparison, reasonable analysis
- Credible analysis
Hypothetical Condition
Example 2 - “As repaired” Value
To appraise a fire damaged property’s “As repaired” value
Use of appraiser’s signature
assignment by assignment basis
Extraordinary Assumption
Unknown information and assume as fact
Exposure time 1
Price right - not a fact, your opinion
At your opinion of market value to sell on the effective date
Reasonable amount of time
Good to start with comparable
Exposure time 2
Hypothetical
Retrospective
Applies only to subject property
Days on Market
Factual
Reflects the total amount of time that the specific property, subject or comparable was known by the market to be available for purchase
Past Three Years
Disclosure
NOT necessary in the certification
- before accepting assignment
- Appraisal practice as an appraiser
- The specific type of services
- Disclose any interest in the subject property
Restricted Use Report
not detailed
STATED highest & best use rationale (2.2)
Feasibility Analysis
Appraisal consulting
Competency
appraiser license 6 years
retrospective report 7 years
As long as compiling competency rules
Describe
Self-Contained Report
